Ekso Bionics Holdings, Inc. (Nasdaq: EKSO) (the “Company”), an
industry leader in exoskeleton technology for medical and
industrial use, today reported financial results for the three
months ended March 31, 2021.
Recent Highlights and
Accomplishments
- Reported revenue of
$1.9 million in the first quarter of 2021, an increase of 30%
compared to the same period in 2020
- Achieved record
gross margins of approximately 65% in the first quarter of 2021,
compared to 43% in the same period of 2020
- Cash at March 31,
2021 was $49.5 million, compared to $12.9 million at December 31,
2020
- Booked a total of
16 EksoNR units in the first quarter of 2021, including 7
subscription units
- Received $40
million in gross proceeds from February 2021 public offering
- Booked new business
with three of the top five inpatient rehabilitation operators
- Subscription model
leading to larger scale validation in key medical and industrial
verticals
“Our commercial strategy is gaining traction in
our target markets as we are seeing a positive customer response
for our subscription model and continued momentum with our network
strategy,” said Jack Peurach, President and Chief Executive Officer
of Ekso Bionics. “By reducing the sales cycle and customer capital
barriers, our subscription model is helping our team facilitate an
increased number of multi-unit orders with top network operators
globally, and we are seeing this success translate to our
industrial segment. Supported by our solid financial position, we
remain focused on expanding customer awareness and engagement of
our innovative solutions while maximizing our selling opportunities
in both the medical and industrial segments.”
First Quarter 2021 Financial
Results
Revenue was $1.9 million for the quarter ended
March 31, 2021, compared to $1.5 million for the same period in
2020. Revenue in the first quarter of 2021 included approximately
$1.7 million in EksoHealth revenue and approximately $0.2 million
in EksoWorks sales.
Gross profit for the quarter ended March 31,
2021 was $1.2 million, compared to $0.6 million in the same period
in 2020, representing a record gross margin of approximately 65% in
the first quarter of 2021, compared to a gross margin for the same
period in 2020 of 43%. The overall increase in gross margin is
primarily due to higher average selling prices on the Company’s
EksoNR devices, an increased proportion of EksoHealth sales, lower
production costs of EVO compared to the previous generation vest,
and higher service margins.
Sales and marketing expenses for the quarter
ended March 31, 2021 were $1.8 million, a decrease of $0.7 million,
or approximately 29%, compared to the same period in 2020. The
decrease was primarily due to lower employee compensation, selling,
general marketing and trade show expenses.
Research and development expenses for the
quarter ended March 31, 2021 were $0.6 million, compared to $0.7
million for the same period in 2020, a decrease of $0.1 million.
The decrease was primarily due to lower employee compensation and
product development activity expenses.
General and administrative expenses for the
quarter ended March 31, 2021 were $2.0 million, compared to $2.2
million for the same period in 2020, a decrease of $0.2 million, or
approximately 10%. The decrease was primarily due to lower employee
compensation and outside legal expenses.
Gain on warrant liabilities for the quarter
ended March 31, 2021 associated with the revaluation of warrants
issued in 2019, 2020 and 2021 was de minimis, compared to a $2.5
million gain associated with the revaluation of warrants issued in
2015, 2019 and 2020 for the same period in 2020.
Net loss applicable to common stockholders for
the quarter ended March 31, 2021 was $3.7 million, or $0.34 per
basic and diluted share, compared to net loss of $2.5 million, or
$0.44 per basic and diluted share, for the same period in 2020.
Cash on hand at March 31, 2021 was $49.5
million, compared to $12.9 million at December 31, 2020. For the
quarter ended March 31, 2021, the Company used $2.0 million of cash
in operations, compared to $1.7 million for the same period in
2020.
Conference Call
Management will host a conference call today
beginning at 1:30 p.m. PT / 4:30 p.m. ET to discuss the Company’s
financial results and recent business developments.
A live webcast of the event will be available in
the “Investors” section of the Company’s website at
www.eksobionics.com, or by clicking here. Investors interested in
listening to the conference call may do so by dialing 877-407-3036
for domestic callers or 201-378-4919 for international callers.
A replay of the call will be available for two
weeks by dialing 877-660-6853 for domestic callers or 201-612-7415
for international callers, using Conference ID: 13718303. The
webcast will also be available on the Company’s website for one
month following the completion of the call.
About Ekso
Bionics®
Ekso Bionics® is a leading developer of
exoskeleton solutions that amplify human potential by supporting or
enhancing strength, endurance and mobility across medical and
industrial applications. Founded in 2005, the Company continues to
build upon its industry-leading expertise to design some of the
most cutting-edge, innovative wearable robots available on the
market. Ekso Bionics is the only exoskeleton company to offer
technologies that range from helping those with paralysis to stand
up and walk, to enhancing human capabilities on job sites across
the globe. The Company is headquartered in the San Francisco Bay
Area and is listed on the Nasdaq Capital Market under the symbol
“EKSO.” For more information, visit: www.eksobionics.com or follow
@EksoBionics on Twitter.
Forward-Looking Statements
Any statements contained in this press release
that do not describe historical facts may constitute
forward-looking statements. Forward-looking statements may include,
without limitation, statements regarding (i) the plans, objectives
and expectations of management with respect to the Company’s
commercial strategy and future revenues or other financial results
and the assumptions underlying or relating to the foregoing. Such
forward-looking statements are not meant to predict or guarantee
actual results, performance, events or circumstances and may not be
realized because they are based upon the Company's current
projections, plans, objectives, beliefs, expectations, estimates
and assumptions and are subject to a number of risks and
uncertainties and other influences, many of which the Company has
no control over. Actual results and the timing of certain events
and circumstances may differ materially from those described by the
forward-looking statements as a result of these risks and
uncertainties. Factors that may influence or contribute to the
inaccuracy of the forward-looking statements or cause actual
results to differ materially from expected or desired results may
include, without limitation, changes resulting from the Company’s
finalization of its financial statements for and as of the three
months ended March 31, 2021, information or new changes in facts or
circumstances that may occur prior to the filing of the Company’s
Quarterly Report on Form 10-Q for the three months ended March 31,
2021 that are required to be included in such report, the Company's
inability to obtain adequate financing to fund the Company's
operations and necessary to develop or enhance the Company’s
technology, the significant length of time and resources associated
with the development of the Company's products, the Company's
failure to achieve broad market acceptance of the Company's
products, the failure of the Company’s sales and marketing efforts
or of partners to market the Company’s products effectively,
adverse results in future clinical studies of the Company's medical
device products, the failure of the Company to obtain or maintain
patent protection for the Company's technology, the failure of the
Company to obtain or maintain regulatory approval to market the
Company's medical devices, lack of product diversification,
existing or increased competition, disruptions in the Company’s
supply chain due to the outbreak of the COVID-19 virus, and the
Company's failure to implement the Company's business plans or
strategies. These and other factors are identified and described in
more detail in the Company's filings with the SEC. To learn more
about Ekso Bionics please visit the Company’s website at
www.eksobionics.com or refer to the Company’s Twitter page at
@EksoBionics. The Company does not undertake to update these
forward-looking statements.
Contact: David
Carey212-867-1768investors@eksobionics.com
|
Ekso Bionics
Holdings, Inc. |
Condensed
Consolidated Balance Sheets |
(In
thousands, except par value) |
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
|
2021 |
|
2020 |
Assets |
|
(unaudited) |
|
|
Current
assets: |
|
|
|
|
Cash |
$ |
49,539 |
|
$ |
12,862 |
|
Accounts receivable, net |
|
2,276 |
|
|
3,224 |
|
Inventories, net |
|
2,154 |
|
|
1,978 |
|
Prepaid expenses and other current assets |
|
636 |
|
|
356 |
|
Total
current assets |
|
54,605 |
|
|
18,420 |
|
Property and
equipment, net |
|
1,096 |
|
|
1,172 |
|
Right-of-use
assets |
|
568 |
|
|
685 |
|
Other
assets |
|
235 |
|
|
320 |
|
Total
assets |
$ |
56,504 |
|
$ |
20,597 |
|
Liabilities and Stockholders' Equity |
|
|
|
|
Current
liabilities: |
|
|
|
|
Accounts payable |
|
1,652 |
|
|
1,501 |
|
Accrued liabilities |
|
1,475 |
|
|
1,429 |
|
Deferred revenues, current |
|
1,493 |
|
|
1,496 |
|
Note payable, current |
|
814 |
|
|
0 |
|
Lease liabilities, current |
|
547 |
|
|
548 |
|
Total
current liabilities |
|
5,981 |
|
|
4,974 |
|
Deferred
revenues |
|
1,644 |
|
|
1,806 |
|
Notes
payable, net |
|
2,262 |
|
|
3,075 |
|
Lease
liabilities |
|
99 |
|
|
233 |
|
Warrant
liabilities |
|
5,501 |
|
|
6,037 |
|
Other
non-current liabilities |
|
42 |
|
|
38 |
|
Total
liabilities |
|
15,529 |
|
|
16,163 |
|
Stockholders' equity: |
|
|
|
|
Common stock |
|
13 |
|
|
8 |
|
Additional paid-in capital |
|
244,117 |
|
|
204,376 |
|
Accumulated other comprehensive loss |
|
(382 |
) |
|
(847 |
) |
Accumulated deficit |
|
(202,773 |
) |
|
(199,103 |
) |
Total
stockholders' equity |
|
40,975 |
|
|
4,434 |
|
Total
liabilities and stockholders' equity |
$ |
56,504 |
|
$ |
20,597 |
|
|
|
|
|
|
|
Ekso Bionics
Holdings, Inc. |
Condensed
Consolidated Statements of Operations |
(In
thousands, except per share amounts) |
(Unaudited) |
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
2021 |
|
2020 |
|
|
|
|
|
Revenue |
|
1,910 |
|
|
1,468 |
|
Cost of
revenue |
|
675 |
|
|
831 |
|
Gross
profit |
|
1,235 |
|
|
637 |
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
Sales and marketing |
|
1,793 |
|
|
2,520 |
|
Research and development |
|
603 |
|
|
711 |
|
General and administrative |
|
1,978 |
|
|
2,187 |
|
Total
operating expenses |
|
4,374 |
|
|
5,418 |
|
|
|
|
|
|
Loss from
operations |
|
(3,139 |
) |
|
(4,781 |
) |
|
|
|
|
|
Other
(expense) income, net: |
|
|
|
|
Interest expense |
|
(26 |
) |
|
(52 |
) |
Gain on revaluation of warrant liabilities |
|
11 |
|
|
2,519 |
|
Other expense, net |
|
(516 |
) |
|
(220 |
) |
Total other
(expense) income, net |
|
(531 |
) |
|
2,247 |
|
|
|
|
|
|
Net
loss |
$ |
(3,670 |
) |
$ |
(2,534 |
) |
|
|
|
|
|
|
|
|
|
|
Basic and
diluted net loss per share |
$ |
(0.34 |
) |
$ |
(0.44 |
) |
|
|
|
|
|
Weighted
average number of shares of common stock outstanding, basic and
diluted |
|
10,752 |
|
|
5,803 |
|
|
|
|
|
|
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